General Motors has announced plans to invest $450 (€349) million into the company's Rosario Automotive Complex in Argentina.

General Motors has announced plans to invest $450 (€349) million into the company's Rosario Automotive Complex in Argentina.

The investment will enable the plant to be expanded to accommodate a new model which will be based on a global platform. Little is known about the vehicle, but GM says it will be a Chevrolet that combines "high-quality" and "high value." The company also hinted it could be exported, but it remains unclear if exports would be global or just limited to the South American market.

In a statement, GM CEO Dan Akerson said "We are pleased to be making this investment in Argentina, which remains a very important market for us." He added, "We have a long, proud history here dating to 1925 and our latest investment is certainly good news for our GM Argentina employees, our extensive dealer and supplier network and the local economy."